Residential Conveyancing - Buying Residential Property In England & Wales
Instruction
Once you have found a property to purchase, the first step is to instruct us.
Once we have been instructed, we will provide you with an engagement pack, including terms of business. This will include details of what your anticipated costs and disbursements.
It is at this stage that you will be asked to provide evidence of your identity and proof of address.
If you are purchasing with the aid of a mortgage, this is the stage where you speak with a mortgage broker or lender to secure a mortgage.
It is also at this stage that you are recommended to have the property surveyed.
Pre Exchange
Once contact has been made with the Solicitor or Conveyancer acting for the seller, we will start by reviewing the title documentation in respect of the property and various documents provided by the seller and requesting property searches (Local Authority Search, Drainage & Water Search, Environmental Search and a Chancel Check). If leasehold, it is also at this stage that a management pack (LPE1) will be obtained from the Landlord and/or Management Company. If the property is being purchased subject to an existing tenancy agreement, a copy of the same will be reviewed and evidence of the seller’s compliance with relevant legislation regarding the tenancy will be requested.
We will then raise any initial enquiries that may be needed. It is at this stage that we will discover any issues or defects with the legal aspects of the property.
If you are having the property surveyed, you should provide a copy of the same to us to ensure that anything uncovered by the surveyor is also raised with the seller.
It is also at this stage that you should start getting documentation in respect of your fundings ready – this could include provision of bank statements or other financial statements showing how you intend to fund the deposit to purchase the property.
If you are purchasing with the aid of a mortgage, we should either receive a copy of your mortgage offer at this stage, of if the lender is separately represented, the lender’s Solicitor will contact us.
From this point, it is usually around 8-12 weeks until the purchase completes (thought it can be longer if the property is leaseholder).
Report on Title
Once replies to enquiries have been received and searches obtained, we will report our findings to you in something called a Report on Title. This is the document that sets out the basis on which you are purchasing a property. If leasehold, this will include a brief report on the terms of the lease and details of any service charges/management in respect of the building or estate.
It is also at this stage that you will be invited in to discuss the nature of the property and raise any questions you may have (of a legal nature).
If more than one of you is purchasing, you will be advised of the different ways in which you can hold the title of the property and whether a Trust Deed (formal agreement between owners as to shares and powers etc) will be required. If so, this will be drafted prior to exchange of contracts.
This usually happens 8-10 weeks after receipt of a complete legal pack from the seller’s Solicitor or Conveyancer.
Exchange of Contracts
Providing you are happy and have understood the various terms that affect the property you are purchasing; this is the stage where you will be asked to sign contracts to be exchanged.
The exchanging of contracts is the process whereby we, and those acting for your seller, formally enter you into an agreement to purchase the property. This is the stage where you put down a deposit (usually 10%) and agree to purchase the property.
It is at this stage that we will carry out a number of searches at HM Land Registry to protect either your, or your lender’s, equitable interest in the property. In addition, bankruptcy searches will be obtained against you and anyone financially assisting you in purchasing the property.
Once contracts are exchanged, you cannot withdraw or change your mind without financial ramifications. Once contracts are exchanged, it is at this stage that funds will be requested from you and/or your lender (if applicable) for completion – usually one-two weeks after contracts have been exchanged.
Completion
This is the final step in purchasing a property. It usually occurs one-two weeks after exchange of contracts.
It is at this stage that we will transfer the funds to the seller’s Solicitor or Conveyancer, and you can collect your keys from the Seller or their Estate Agent.
At this point, you are the legal owner of the property.
Post - Completion
Once the purchase has completed, we will then proceed to file and pay any Stamp Duty Land Tax in respect of the purchase and then file an application with HM Land Registry to transfer the title into your name and thereafter provide you with updated Title Documentation confirming your legal ownership.
If leasehold, we will also serve any relevant notices on your Landlord and/or Management Company to update their records.
Our fees cover all the work required to complete the sale of a property.
Fees are variable and depend on the property’s value.